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Wanda Brunner, CFA, is reviewing a draft fund prospectus for her new “Leveraged Long Coffee” (LLC), a closed-end fund. LLC uses a of combination fundamental and technical trading models to evaluate individual securities. She notes the LLC prospectus has several disclosures which cause her to worry that prospective clients will avoid her fund.
A. Standard III(C) Duties to Clients: Suitability because it misleads the reader as to the process by which securities are selected. B. Standard III(C) Duties to Clients: Suitability because the fees are exorbitant. C. Standard III(C) Duties to Clients: Suitability because the fund can hold an excessive portion of the portfolio in non-core assets. |